Iraqi Cabinet Approves Scatec Solar Projects
Date
12/21/2021 9:00:27 PM
(MENAFN- Iraq Business News)
By John Lee.
The Iraqi Cabinet has approved the Ministry of Electricity entering into a the contract for the construction of two solar energy projects in Karbala (300 megawatts) and Alexandria/Iskandariya (225 megawatts).
The Ministry of Oil had previously announced the project in October, involving a consortium of companies led by the Norwegian Scatec , whose main shareholder is Equinor (formerly Statoil ), and including Egypt's Orascom and Iraq's Al-Bilal .
Energy produced at the sites will be bought at a tariff of $40.7 per megawatt.
The project will be financed by the BOOT (build-own-operate-transfer) method over an investment period of 25 years.
Reuters had previously quoted Iraqi oil Minister Ihsan Abdul Jabbar as saying that the project was worth around $500 million.
(Source: Iraqi Cabinet)
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